This follows the successful raising of $24 million from Chinese giant DADI Engineering Development Group last year through a share placement, which has now received final Chinese government approval, making it the company’s second largest shareholder.
“The process of seeking a joint venture partner in EPC1164 and EPC 1251 [Wandoan West area tenements] is continuing,” MetroCoal said.
“MetroCoal recognises that the process is taking longer than anticipated in 2011. However, the interest from a number of foreign and Australian parties remains positive.
“Visits to the Bundi project have taken place and negotiations will continue into early 2012.”
MetroCoal secured a placement of 32.0 million shares to DADI at 75c per share to raise $24 million, with an initial $2.4 million placement on September 16.
On 14 November 2011, MetroCoal announced that all Chinese government regulatory approvals had been received.
The balance of the placement, 28.8 million shares worth $21.6 million, was conditional on MetroCoal shareholder approval, which was received at its annual general meeting on November 24.